Starting any business requires a lot of hard work.
An accountancy Practice is no exception to this.
As a sole practitioner there are four main routes available to you to get your Practice off the ground:
- Start from scratch
- Buy A Franchise
- Buy a Block of fees
- Purchase an existing Practice
Let’s look at each of these from the view point of the three things that you can vary:
- Time – how much or how little do you have
- Cost – how much or how little money do you have available for your Practice Start Up
- Quality – how good or not the Practice service and operation will be
Each approach to starting your Practice has pros and cons.
Not every approach will suit you and what suits you may not suit another person.
The real crunch comes when both your time and money are scarce resources!
That only leaves quality to suffer – and that is plain wrong if you want a successful Practice.
In my experience, many try to start a Practice with little or no funds available and little or no time as a result of trying to hold down at full time job at the same time to make sure that the bills are paid!
The ultimate dilemma and a recipe for disaster.
It takes an enormously dedicated, devoted, organised and tenacious person to achieve a successful Practice from this starting point.
Whilst I never want to discourage anyone from starting up, my message would be …
Are there enough hours in the day to market, sell, deliver and bill good quality services to your clients?
How will you organise your time?
How do you transition from your full time role to your Practice full time?
Only when you have comprehensive and realistic answers to these is it time to start planning starting your own practice.